Asia markets rise as China factory activity expands at a faster level
Istanbul, June 3 (Hibya) - Asia-Pacific stock markets rose Monday after a private survey showed China’s manufacturing activity expanded rapidly, at the fastest level in nearly two years.
Japan’s Nikkei 225 was about 1 percent higher, while the broader Topix index gained 0.86 percent. In Australia, the S&P/ASX 200 added 0.72 percent. South Korea’s Kospi rose 1.80 percent, while the smaller-cap Kosdaq was 0.26 percent higher.
The Caixin survey revealed a surprising surge in China's manufacturing PMI, which climbed to 51.7 in May from 51.4 the previous month. This marked the sector's fastest pace since June 2022. The private survey, conducted after the official data on Friday, showed an unexpected contraction in China’s manufacturing sector in May, which sparked a new market interest wave.
The news of China's manufacturing activity expanding faster immediately impacted the market. Hong Kong’s Hang Seng index surged by 2 percent, while mainland China’s CSI 300 turned positive, rising by 0.22 percent after the data was released, indicating a positive market sentiment.
Investors will also focus on Indian markets as exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance were set for a rare third consecutive term in power.
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